Pakistan Experiences Significant Rise in Car Imports Amid Smartphone Decline
Pakistan Sees Car Imports Skyrocket to $23.29M, While Smartphone Imports Stand at $64.5M
In July 2024, car imports more than doubled, with vehicles valued at $23.29 million being imported. This equates to approximately Rs6.45 billion in local currency.
Additionally, car assembly activities also increased, with imported parts totaling $34.2 million for the same month. In local currency, this amounts to over Rs9.5 billion, reflecting strong demand for both fully built cars and completely knocked down (CKD) kits.
This significant rise in car imports occurs against a backdrop of economic challenges and inflation. Analysts attribute the growth to a burgeoning middle class and enhanced consumer financing options, which are driving the increasing demand for automobiles in Pakistan.
In contrast, smartphone imports have declined. July 2024 saw a 5.3% decrease in smartphone imports compared to the same month last year. Last month, smartphones valued at $64.5 million were imported, down from $68.1 million in July 2023.
This drop follows a record year for mobile phone imports in Pakistan, which totaled $1.89 billion, indicating a slowdown in demand. Contributing factors to this decline include import restrictions, exchange rate fluctuations, and diminished consumer purchasing power amid the country’s economic difficulties.
On a positive note, Pakistan’s food exports experienced a substantial increase in the first month of the fiscal year 2024, with a remarkable 45% rise.
According to the Pakistan Bureau of Statistics, food exports reached over $475.7 million (about Rs132.44 billion) in July, marking a record high for the sector.
Sugar Costs Skyrocket on Export Permission Reports
Rice, particularly Basmati, drove the export growth with an impressive 135% increase, bringing in $205.7 million. This surge underscores the growing global demand for Pakistani rice.
Sugar, also contributed significantly to the export growth, with a dramatic 590% increase, generating $23.9 million in revenue. This substantial rise indicates Pakistan’s expanding presence in international sugar markets.
Vegetable, exports doubled, achieving a 100% increase and earning $28.8 million. Fruit exports saw a modest 13% increase, with total earnings surpassing $40 million.
Additionally, oilseeds and nuts experienced a 94% boost in exports, while the meat sector saw a nearly 6% growth, earning $36.8 million.
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